Johnson & Johnson Reports Q3 2022 Results

Reported sales growth of 1.9% to $23.8 Billion with operational growth of 8.1%* and adjusted operational growth of 8.2%*
Earnings per share (EPS) of $1.68 increasing 22.6% and adjusted EPS of $2.55 decreasing by 1.9%*
Company is maintaining 2022 full-year guidance midpoints for adjusted operational sales and reported adjusted EPS; increasing adjusted operational EPS performance offsetting continued unfavorable currency impacts

Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2022. "Our third quarter performance demonstrates our continued strength and resilience across all three of our businesses," said Joaquin Duato, Chief Executive Officer. "Through the ongoing efforts of our teams around the world, we continue to navigate the dynamic macroeconomic environment and remain focused on delivering transformative healthcare solutions. Looking ahead, I remain confident in our business and ability to continue advancing our innovative portfolio and pipeline."

OVERALL FINANCIAL RESULTS

	Q3
($ in Millions, except EPS)	2022	2021	% Change
Reported Sales	$23,791	$23,338	1.9%
Net Earnings	4,458	3,667	21.6%
EPS (diluted)	$1.68	$1.37	22.6%

	Q3
*Non-GAAP ($ in Millions, except EPS)**	2022	2021	% Change
Operational Sales ^1,2			8.1%
Adjusted Operational Sales ^1,3			8.2%
Adjusted Net Earnings ^1,4	6,779	6,968	(2.7)%
Adjusted EPS (diluted) ^1,4	$2.55	$2.60	(1.9)%

¹ Non-GAAP financial measure ; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
² Excludes the impact of translational currency
³ Excludes the net impact of acquisitions and divestitures and translational currency
⁴ Excludes intangible amortization expense and special items
Note: values may have been rounded

REGIONAL SALES RESULTS

Q3			% Change
($ in Millions)	2022	2021	Reported	Operational ^1,2	Currency	Adjusted Operational ^1,3
U.S.	$12,453	$11,963	4.1%	4.1	-	4.2
International	$11,338	$11,375	(0.3)	12.3	(12.6)	12.4
Worldwide	$23,791	$23,338	1.9%	8.1	(6.2)	8.2

¹ Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
² Excludes the impact of translational currency
³ Excludes the net impact of acquisitions and divestitures and translational currency
Note: Values may have been rounded

SEGMENT SALES RESULTS

Q3			% Change
($ in Millions)	2022	2021	Reported	Operational ^1,2	Currency	Adjusted Operational ^1,3
Consumer Health ⁴	$3,795	$3,812	(0.4)%	4.7	(5.1)	4.8
Pharmaceutical ⁴	$13,214	$12,882	2.6	9.0	(6.4)	9.2
MedTech	$6,782	$6,644	2.1	8.1	(6.0)	8.1
Worldwide	$23,791	$23,338	1.9%	8.1	(6.2)	8.2

¹ Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
² Excludes the impact of translational currency
³ Excludes the net impact of acquisitions and divestitures and translational currency
⁴ Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
Note: Values may have been rounded

TH IRD QUARTER 2022 SEGMENT COMMENTARY:
Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.

Consumer Health
Consumer Health worldwide adjusted operational sales increased 4.8%*. Major contributors to growth include upper respiratory and analgesic products in the over-the-counter franchise, NEUTROGENA and AVEENO in Skin Health/Beauty and Women's Health products outside the United States.

Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 9.2%*, driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases and IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer.

MedTech
MedTech worldwide adjusted operational sales grew 8.1%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, Trauma in Orthopaedics and wound closure products in General Surgery.

NOTABLE NEW ANNOUNCEMENTS IN THE QUARTER:
The information contained in this section should be read in conjunction with Johnson & Johnson's other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov , www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investors section of the company's website at news releases , as well as www.factsabouttalc.com , www.factsaboutourprescriptionopioids.com , and www.LTLManagementInformation.com .

Regulatory Decisions	STELARA (ustekinumab) Approved by the U.S. Food and Drug Administration to Treat Pediatric Patients with Active Psoriatic Arthritis	Press Release
	European Commission Approves IMBRUVICA (ibrutinib) in a Fixed-Duration Combination Regimen for Adult Patients with Previously Untreated Chronic Lymphocytic Leukaemia (CLL)	Press Release
	Janssen Marks First Approval Worldwide for TECVAYLI (teclistamab) with EC Authorisation of First-in-Class Bispecific Antibody for the Treatment of Patients with Multiple Myeloma	Press Release
	U.S. FDA Approves IMBRUVICA (ibrutinib) as First and Only BTKi Treatment for Pediatric Patients with Chronic Graft-Versus-Host Disease	Press Release
Data Release	Janssen Announces New Data Supporting Safety and Efficacy of RYBREVANT and Lazertinib Combination for Patients with Non-Small Cell Lung Cancer and EGFR Mutations	Press Release
	Final Analysis of Phase 2 GRIFFIN Study Presented for DARZALEX (daratumumab)-based Investigational Quadruplet Regimen in Patients with Newly Diagnosed, Transplant-Eligible Multiple Myeloma	Press Release
	TREMFYA (guselkumab) Demonstrates Higher Rates of Complete Skin Clearance with Earlier Treatment in Adults with Moderate to Severe Plaque Psoriasis in Phase 3b GUIDE Study	Press Release
	Results of Novel Clinical Study of Guselkumab and Golimumab Combination Therapy Show Adults with Moderately to Severely Active Ulcerative Colitis Maintained Higher Rates of Clinical, Histologic, and Endoscopic Remission at Week 38 ¹	Press Release
	STELARA (ustekinumab) Demonstrated Sustained Symptomatic and Corticosteroid-Free Remission Through Four Years in Adults with Moderately to Severely Active Ulcerative Colitis ¹	Press Release
	Janssen Announces Late-Breaking Data from Two Gene Therapy Programs at the American Academy of Ophthalmology 2022 Annual Meeting	Press Release
Product Launches	Biosense Webster Launches the OCTARAY Mapping Catheter with TRUEref Technology	Press Release
	Johnson & Johnson Vision Introduces All Purpose EDOF, TECNIS Symfony OptiBlue IOL, the Latest PC-IOL Powered by InteliLight Technology	Press Release
	Johnson & Johnson Vision Launches New Contact Lens Innovation to Help Meet the Needs of Digitally Intense Lifestyles: ACUVUE OASYS MAX 1-Day	Press Release
	Biosense Webster Launches HELIOSTAR in Europe, the First Radiofrequency Balloon Ablation Catheter, Enabling Physicians to Perform More Efficient Cardiac Ablations ¹	Press Release
Other	Johnson & Johnson Announces $5 Billion Share Repurchase Program	Press Release
	Johnson & Johnson Appoints Larry Merlo as Non-Executive Chair Designate of Planned New Consumer Health Company	Press Release
	Johnson & Johnson Announces Kenvue as the Name for Planned New Consumer Health Company	Press Release

¹ Subsequent to the quarter.

FULL-YEAR 2022 GUIDANCE:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)

October 2022

July 2022

Adjusted Operational Sales ^1,2,5

Change vs. Prior Year

6.7% – 7.2%

6.5% – 7.5%

Operational Sales ^2,5 / Mid-point ^2,5

Change vs. Prior Year / Mid-point

$97.5B – $98.0B / $97.8B

6.7% – 7.2% / 7.0%

$97.3B – $98.3B / $97.8B

6.5% – 7.5% / 7.0%

Estimated Reported Sales ^3,5 / Mid-point ^3,5

Change vs. Prior Year / Mid-point

$93.0B – $93.5B / $93.3B

1.8% – 2.3% / 2.1%

$93.3B – $94.3B / $93.8B

2.1% – 3.1% / 2.6%

Adjusted Operational EPS (Diluted) ^2,4 / Mid-point ^2,4

Change vs. Prior Year / Mid-point

$10.70 – $10.75 / $10.73

9.2% – 9.7% / 9.5%

$10.65 – $10.75 / $10.70

8.7% – 9.7% / 9.2%

Adjusted EPS (Diluted) ^3,4 / Mid-point ^3,4

Change vs. Prior Year / Mid-point

$10.02 – $10.07 / $10.05

2.3% – 2.8% / 2.6%

$10.00 – $10.10 / $10.05

2.1% – 3.1% / 2.6 %

¹ Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
² Non-GAAP financial measure; excludes the impact of translational currency
³ Calculated using Euro Average Rate: October 2022 = $1.04 and July 2022 = $1.05 (Illustrative purposes only)
⁴ Non-GAAP financial measure; excludes intangible amortization expense and special items
⁵ Excludes COVID-19 Vaccine
Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast .

WEBCAST INFORMATION:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website . A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company's website at events-and-presentations .

ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

NON-GAAP FINANCIAL MEASURES:
* "Operational sales growth" excluding the impact of translational currency, "adjusted operational sales growth" excluding the net impact of acquisitions and divestitures and translational currency, as well as "adjusted net earnings", "adjusted diluted earnings per share" and "adjusted operational diluted earnings per share" excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investors section of the company's website at quarterly results .

Copies of the financial schedules accompanying this earnings release are available on the company's website at quarterly results . These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today's earnings call presentation can also be found in the Investors section of the company's website at quarterly results .

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy, and the anticipated separation of the Company's Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company's ability to satisfy the necessary conditions to consummate the separation of the Company's Consumer Health business on a timely basis or at all; the Company's ability to successfully separate the Company's Consumer Health business and realize the anticipated benefits from the separation; the New Consumer Health Company's ability to succeed as a standalone publicly traded company; and risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the company's ability to execute business continuity plans, as a result of the COVID-19 pandemic. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 2, 2022, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov , www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	THIRD QUARTER								NINE MONTHS
			Percent Change								Percent Change
	2022	2021	Total			Operations	Currency		2022	2021	Total			Operations		Currency
Sales to customers by
segment of business

Consumer Health ⁽¹⁾
U.S.	$ 1,659	1,625	2.1		%	2.1	-		$ 4,903	4,987	(1.7	)	%	(1.7	)	-
International	2,136	2,187	(2.3	)		6.7	(9.0	)	6,283	6,320	(0.6	)		6.0		(6.6	)
	3,795	3,812	(0.4	)		4.7	(5.1	)	11,186	11,307	(1.1	)		2.6		(3.7	)

Pharmaceutical ⁽¹⁾
U.S.	7,438	7,221	3.0			3.0	-		21,229	20,536	3.4			3.4		-
International	5,776	5,661	2.0			16.7	(14.7	)	18,171	16,927	7.3			18.5		(11.2	)
	13,214	12,882	2.6			9.0	(6.4	)	39,400	37,463	5.2			10.2		(5.0	)

Pharmaceutical excluding COVID-19 Vaccine ^(1,3)
U.S.	7,438	6,951	7.0			7.0	-		21,109	20,115	4.9			4.9		-
International	5,287	5,429	(2.6	)		11.3	(13.9	)	16,801	16,582	1.3			11.7		(10.4	)
	12,725	12,380	2.8			8.9	(6.1	)	37,910	36,697	3.3			8.0		(4.7	)

MedTech ⁽²⁾
U.S.	3,356	3,117	7.7			7.7	-		9,932	9,470	4.9			4.9		-
International	3,426	3,527	(2.9	)		8.5	(11.4	)	10,719	10,731	(0.1	)		8.2		(8.3	)
	6,782	6,644	2.1			8.1	(6.0	)	20,651	20,201	2.2			6.6		(4.4	)

U.S.	12,453	11,963	4.1			4.1	-		36,064	34,993	3.1			3.1		-
International	11,338	11,375	(0.3	)		12.3	(12.6	)	35,173	33,978	3.5			12.9		(9.4	)
Worldwide	23,791	23,338	1.9			8.1	(6.2	)	71,237	68,971	3.3			7.9		(4.6	)

U.S.	12,453	11,693	6.5			6.5	-		35,944	34,572	4.0			4.0		-
International	10,849	11,143	(2.6	)		9.5	(12.1	)	33,803	33,633	0.5			9.5		(9.0	)
Worldwide excluding COVID-19 Vaccine ⁽³⁾	$ 23,302	22,836	2.0		%	8.0	(6.0	)	$ 69,747	68,205	2.3		%	6.7		(4.4	)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

⁽¹⁾ Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes.
⁽²⁾ Previously referred to as Medical Devices
⁽³⁾ Refer to supplemental sales reconciliation schedule

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	THIRD QUARTER								NINE MONTHS
			Percent Change								Percent Change
	2022	2021	Total			Operations	Currency		2022	2021	Total			Operations	Currency
Sales to customers by
geographic area

U.S.	$ 12,453	11,963	4.1		%	4.1	-		$ 36,064	34,993	3.1		%	3.1	-

Europe	5,524	5,587	(1.1	)		14.5	(15.6	)	17,633	16,669	5.8			18.2	(12.4	)
Western Hemisphere excluding U.S.	1,562	1,500	4.1			9.1	(5.0	)	4,580	4,291	6.7			9.6	(2.9	)
Asia-Pacific, Africa	4,252	4,288	(0.9	)		10.5	(11.4	)	12,960	13,018	(0.4	)		7.2	(7.6	)
International	11,338	11,375	(0.3	)		12.3	(12.6	)	35,173	33,978	3.5			12.9	(9.4	)

Worldwide	$ 23,791	23,338	1.9		%	8.1	(6.2	)	$ 71,237	68,971	3.3		%	7.9	(4.6	)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)

THIRD QUARTER

2022

2021

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$

23,791

100.0

$

23,338

100.0

1.9

Cost of products sold

7,807

32.8

7,250

31.1

7.7

Gross Profit

15,984

67.2

16,088

68.9

(0.6

)

Selling, marketing and administrative expenses

6,089

25.6

6,000

25.7

1.5

Research and development expense

3,597

15.1

3,422

14.7

5.1

In-process research and development

-

900

3.9

Interest (income) expense, net

(99

)

(0.4

)

7

0.0

Other (income) expense, net

493

2.1

1,850

7.9

Restructuring

82

0.3

60

0.2

Earnings before provision for taxes on income

5,822

24.5

3,849

16.5

51.3

Provision for taxes on income

1,364

5.8

182

0.8

649.5

Net earnings

$

4,458

18.7

$

3,667

15.7

21.6

Net earnings per share (Diluted)

$

1.68

$

1.37

22.6

Average shares outstanding (Diluted)

2,661.3

2,674.9

Effective tax rate

23.4

%

4.7

%

Adjusted earnings before provision for taxes and net earnings ⁽¹⁾

Earnings before provision for taxes on income

$

8,073

33.9

$

8,058

34.5

0.2

Net earnings

$

6,779

28.5

$

6,968

29.9

(2.7

)

Net earnings per share (Diluted)

$

2.55

$

2.60

(1.9

)

Effective tax rate

16.0

%

13.5

%

⁽¹⁾ See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)

NINE MONTHS

2022

2021

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$

71,237

100.0

$

68,971

100.0

3.3

Cost of products sold

23,324

32.7

21,900

31.8

6.5

Gross Profit

47,913

67.3

47,071

68.2

1.8

Selling, marketing and administrative expenses

18,253

25.7

17,505

25.4

4.3

Research and development expense

10,762

15.1

9,994

14.5

7.7

In-process research and development

610

0.9

900

1.3

Interest (income) expense, net

(137

)

(0.2

)

83

0.1

Other (income) expense, net

664

0.9

480

0.7

Restructuring

237

0.3

169

0.2

Earnings before provision for taxes on income

17,524

24.6

17,940

26.0

(2.3

)

Provision for taxes on income

3,103

4.4

1,798

2.6

72.6

Net earnings

$

14,421

20.2

$

16,142

23.4

(10.7

)

Net earnings per share (Diluted)

$

5.41

$

6.04

(10.4

)

Average shares outstanding (Diluted)

2,667.5

2,674.6

Effective tax rate

17.7

%

10.0

%

Adjusted earnings before provision for taxes and net earnings ⁽¹⁾

Earnings before provision for taxes on income

$

24,462

34.3

$

24,125

35.0

1.4

Net earnings

$

20,820

29.2

$

20,517

29.7

1.5

Net earnings per share (Diluted)

$

7.81

$

7.67

1.8

Effective tax rate

14.9

%

15.0

%

⁽¹⁾ See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

		Third Quarter				Nine Months Ended
	(Dollars in Millions Except Per Share Data)	2022		2021		2022		2021
	Net Earnings, after tax- as reported	$4,458		$3,667		$14,421		$16,142

	Pre-tax Adjustments
	Intangible Asset Amortization expense	1,041		1,159		3,244		3,576
	Litigation related	219		2,077		604		2,054
	IPR&D	-		900		610		900
	Restructuring related	123		121		323		333
	Acquisition, integration and divestiture related ¹	-		20		-		(504	)
	(Gains)/losses on securities	164		(127	)	684		(335	)
	Medical Device Regulation ²	78		59		208		161
	COVID-19 Vaccine related costs ³	377		-		653		-
	Consumer Health separation costs	249		-		619		-
	Other	-		-		(7	)	-

	Tax Adjustments
	Tax impact on special item adjustments ⁴	(379	)	(849	)	(1,085	)	(1,097	)
	Consumer Health separation tax related costs	361		-		459		-
	Tax legislation and other tax related	88		(59	)	87		(713	)
	Adjusted Net Earnings, after tax	$6,779		$6,968		$20,820		$20,517
	Average shares outstanding (Diluted)	2,661.3		2,674.9		2,667.5		2,674.6
	Adjusted net earnings per share (Diluted)	$2.55		$2.60		$7.81		$7.67
	Operational adjusted net earnings per share (Diluted)	$2.75				$8.25

	Notes:
¹	Acquisition, integration and divestiture related for the nine months of 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S.

²	European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company's previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.

³	COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's modification of its COVID-19 vaccine research program and manufacturing capacity to levels that meet all customer contractual requirements.

⁴	The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

Adjusted Operational Sales Growth
THIRD QUARTER 2022 ACTUAL vs. 2021 ACTUAL

Segments

	Consumer Health		Pharmaceutical		MedTech		Total

WW As Reported	(0.4	)%	2.6	%	2.1	%	1.9	%
U.S.	2.1	%	3.0	%	7.7	%	4.1	%
International	(2.3	)%	2.0	%	(2.9	)%	(0.3	)%

WW Currency	(5.1	)	(6.4	)	(6.0	)	(6.2	)
U.S.	-		-		-		-
International	(9.0	)	(14.7	)	(11.4	)	(12.6	)

WW Operational	4.7	%	9.0	%	8.1	%	8.1	%
U.S.	2.1	%	3.0	%	7.7	%	4.1	%
International	6.7	%	16.7	%	8.5	%	12.3	%

All Other Acquisitions and Divestitures	0.1		0.2		0.0		0.1
U.S.	0.2		0.2		(0.2	)	0.1
International	0.0		0.1		0.2		0.1

WW Adjusted Operational	4.8	%	9.2	%	8.1	%	8.2	%
U.S.	2.3	%	3.2	%	7.5	%	4.2	%
International	6.7	%	16.8	%	8.7	%	12.4	%

Note: Percentages are based on actual, non-rounded figures and may not sum.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

Adjusted Operational Sales Growth
NINE MONTHS 2022 ACTUAL vs. 2021 ACTUAL

Segments

	Consumer Health		Pharmaceutical		MedTech		Total

WW As Reported	(1.1	)%	5.2	%	2.2	%	3.3	%
U.S.	(1.7	)%	3.4	%	4.9	%	3.1	%
International	(0.6	)%	7.3	%	(0.1	)%	3.5	%

WW Currency	(3.7	)	(5.0	)	(4.4	)	(4.6	)
U.S.	-		-		-		-
International	(6.6	)	(11.2	)	(8.3	)	(9.4	)

WW Operational	2.6	%	10.2	%	6.6	%	7.9	%
U.S.	(1.7	)%	3.4	%	4.9	%	3.1	%
International	6.0	%	18.5	%	8.2	%	12.9	%

All Other Acquisitions and Divestitures	0.5		0.1		0.1		0.2
U.S.	0.2		0.1		(0.2	)	0.1
International	0.7		0.1		0.2		0.2

WW Adjusted Operational	3.1	%	10.3	%	6.7	%	8.1	%
U.S.	(1.5	)%	3.5	%	4.7	%	3.2	%
International	6.7	%	18.6	%	8.4	%	13.1	%

Note: Percentages are based on actual, non-rounded figures and may not sum.

		REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER										NINE MONTHS
					% Change										% Change
		2022		2021	Reported		Operational ⁽¹⁾		Currency			2022		2021	Reported		Operational ⁽¹⁾		Currency
CONSUMER HEALTH SEGMENT ^(2,3)
OTC
US		$	695	686	1.4	%	1.4	%	-			$	2,028	1,960	3.5	%	3.5	%	-
Intl			825	798	3.4	%	12.2	%	-8.8	%			2,434	2,223	9.5	%	16.3	%	-6.8	%
WW			1,519	1,484	2.5	%	7.2	%	-4.7	%			4,462	4,183	6.7	%	10.3	%	-3.6	%
SKIN HEALTH / BEAUTY
US			591	569	3.7	%	3.7	%	-				1,764	1,862	-5.3	%	-5.3	%	-
Intl			535	555	-3.6	%	6.2	%	-9.8	%			1,500	1,595	-6.0	%	1.5	%	-7.5	%
WW			1,126	1,124	0.1	%	5.0	%	-4.9	%			3,264	3,457	-5.6	%	-2.2	%	-3.4	%
ORAL CARE
US			158	150	5.2	%	5.2	%	-				471	478	-1.5	%	-1.5	%	-
Intl			217	248	-12.4	%	-4.3	%	-8.1	%			664	762	-12.8	%	-7.2	%	-5.6	%
WW			375	398	-5.8	%	-0.7	%	-5.1	%			1,135	1,240	-8.5	%	-5.0	%	-3.5	%
BABY CARE
US			91	95	-4.0	%	-4.0	%	-				264	288	-8.2	%	-8.2	%	-
Intl			283	296	-4.5	%	3.4	%	-7.9	%			840	879	-4.4	%	0.8	%	-5.2	%
WW			375	391	-4.3	%	1.6	%	-5.9	%			1,105	1,167	-5.4	%	-1.5	%	-3.9	%
WOMEN'S HEALTH
US			2	3	-22.0	%	-22.0	%	-				9	9	-2.8	%	-2.8	%	-
Intl			222	229	-2.7	%	8.4	%	-11.1	%			674	675	-0.1	%	8.0	%	-8.1	%
WW			225	232	-3.0	%	7.9	%	-10.9	%			684	684	-0.1	%	7.8	%	-7.9	%
WOUND CARE / OTHER
US			122	122	-0.2	%	-0.2	%	-				366	390	-6.0	%	-6.0	%	-
Intl			53	61	-11.4	%	-7.1	%	-4.3	%			170	186	-8.2	%	-5.4	%	-2.8	%
WW			176	182	-3.9	%	-2.5	%	-1.4	%			537	575	-6.7	%	-5.8	%	-0.9	%

TOTAL CONSUMER HEALTH
US			1,659	1,625	2.1	%	2.1	%	-				4,903	4,987	-1.7	%	-1.7	%	-
Intl			2,136	2,187	-2.3	%	6.7	%	-9.0	%			6,283	6,320	-0.6	%	6.0	%	-6.6	%
WW		$	3,795	3,812	-0.4	%	4.7	%	-5.1	%		$	11,186	11,307	-1.1	%	2.6	%	-3.7	%


See footnotes at end of schedule

		REPORTED SALES vs. PRIOR PERIOD ($MM)									REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER										NINE MONTHS
					% Change									% Change
PHARMACEUTICAL SEGMENT ^(2,3)		2022		2021	Reported		Operational ⁽¹⁾		Currency		2022		2021	Reported		Operational ⁽¹⁾		Currency

IMMUNOLOGY
US		$	2,876	2,771	3.8	%	3.8	%	-		$	8,230	7,932	3.8	%	3.8	%	-
Intl			1,411	1,480	-4.7	%	8.9	%	-13.6	%		4,587	4,464	2.8	%	12.9	%	-10.1	%
WW			4,287	4,250	0.9	%	5.6	%	-4.7	%		12,817	12,395	3.4	%	7.1	%	-3.7	%
REMICADE
US			350	480	-27.0	%	-27.0	%	-			1,099	1,508	-27.1	%	-27.1	%	-
US Exports ⁽⁴⁾			39	47	-16.9	%	-16.9	%	-			163	197	-17.2	%	-17.2	%	-
Intl			169	234	-27.8	%	-22.8	%	-5.0	%		606	721	-16.0	%	-11.9	%	-4.1	%
WW			558	761	-26.6	%	-25.1	%	-1.5	%		1,868	2,426	-23.0	%	-21.8	%	-1.2	%
SIMPONI / SIMPONI ARIA
US			298	295	0.9	%	0.9	%	-			886	840	5.4	%	5.4	%	-
Intl			248	276	-10.4	%	3.0	%	-13.4	%		797	877	-9.2	%	0.4	%	-9.6	%
WW			545	571	-4.6	%	1.9	%	-6.5	%		1,682	1,717	-2.0	%	2.9	%	-4.9	%
STELARA
US			1,655	1,569	5.5	%	5.5	%	-			4,766	4,396	8.4	%	8.4	%	-
Intl			794	809	-1.9	%	12.9	%	-14.8	%		2,571	2,404	6.9	%	18.2	%	-11.3	%
WW			2,449	2,378	3.0	%	8.0	%	-5.0	%		7,336	6,800	7.9	%	11.9	%	-4.0	%
TREMFYA
US			530	376	40.7	%	40.7	%	-			1,303	975	33.6	%	33.6	%	-
Intl			200	161	24.6	%	44.5	%	-19.9	%		613	459	33.7	%	49.0	%	-15.3	%
WW			729	537	35.9	%	41.9	%	-6.0	%		1,916	1,434	33.6	%	38.5	%	-4.9	%
OTHER IMMUNOLOGY
US			5	3	*		*		-			14	15	-3.5	%	-3.5	%	-
Intl			0	0	*		*		*			0	3	*		*		*
WW			5	3	*		*		*			14	18	-19.3	%	-19.3	%	0.0	%
INFECTIOUS DISEASES
US			390	679	-42.7	%	-42.7	%	-			1,266	1,635	-22.6	%	-22.6	%	-
Intl			905	698	29.7	%	49.1	%	-19.4	%		2,642	1,758	50.3	%	67.1	%	-16.8	%
WW			1,295	1,378	-6.0	%	3.8	%	-9.8	%		3,908	3,394	15.2	%	23.9	%	-8.7	%
COVID-19 VACCINE
US			0	270	*		*		-			120	421	-71.5	%	-71.5	%	-
Intl			489	233	*		*		*			1,370	346	*		*		*
WW			489	502	-2.7	%	13.1	%	-15.8	%		1,490	766	*		*		*
EDURANT / rilpivirine
US			9	12	-27.1	%	-27.1	%	-			27	31	-14.5	%	-14.5	%	-
Intl			237	247	-4.2	%	9.8	%	-14.0	%		691	733	-5.7	%	4.8	%	-10.5	%
WW			245	259	-5.2	%	8.2	%	-13.4	%		718	764	-6.1	%	4.0	%	-10.1	%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			372	380	-2.2	%	-2.2	%	-			1,096	1,128	-2.9	%	-2.9	%	-
Intl			112	137	-17.9	%	-6.3	%	-11.6	%		354	440	-19.5	%	-11.2	%	-8.3	%
WW			485	517	-6.4	%	-3.3	%	-3.1	%		1,450	1,568	-7.5	%	-5.2	%	-2.3	%
OTHER INFECTIOUS DISEASES
US			10	18	-46.4	%	-46.4	%	-			24	55	-57.2	%	-57.2	%	-
Intl			68	82	-17.1	%	-10.8	%	-6.3	%		228	240	-5.0	%	0.2	%	-5.2	%
WW			77	99	-22.4	%	-17.2	%	-5.2	%		251	295	-14.8	%	-10.6	%	-4.2	%

		REPORTED SALES vs. PRIOR PERIOD ($MM)								REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER									NINE MONTHS
				% Change								% Change
		2022	2021	Reported		Operational ⁽¹⁾		Currency		2022	2021	Reported		Operational ⁽¹⁾		Currency
NEUROSCIENCE
US		919	835	10.0	%	10.0	%	-		2,658	2,448	8.6	%	8.6	%	-
Intl		763	845	-9.9	%	1.8	%	-11.7	%	2,498	2,751	-9.2	%	-0.6	%	-8.6	%
WW		1,681	1,680	0.0	%	5.9	%	-5.9	%	5,156	5,199	-0.8	%	3.7	%	-4.5	%
CONCERTA / Methylphenidate
US		41	35	19.3	%	19.3	%	-		114	117	-2.2	%	-2.2	%	-
Intl		117	122	-4.4	%	8.0	%	-12.4	%	362	372	-2.6	%	6.5	%	-9.1	%
WW		158	157	0.8	%	10.5	%	-9.7	%	476	489	-2.5	%	4.4	%	-6.9	%
INVEGA SUSTENNA / XEPLION / I NVEGA TRINZA / TREVICTA
US		684	648	5.3	%	5.3	%	-		2,036	1,882	8.1	%	8.1	%	-
Intl		348	355	-2.3	%	12.2	%	-14.5	%	1,097	1,111	-1.3	%	9.4	%	-10.7	%
WW		1,031	1,004	2.6	%	7.8	%	-5.2	%	3,132	2,994	4.6	%	8.6	%	-4.0	%
RISPERDAL CONSTA
US		67	71	-6.1	%	-6.1	%	-		195	210	-7.1	%	-7.1	%	-
Intl		52	69	-24.2	%	-11.3	%	-12.9	%	178	242	-26.3	%	-17.0	%	-9.3	%
WW		119	140	-14.9	%	-8.6	%	-6.3	%	373	452	-17.4	%	-12.4	%	-5.0	%
OTHER NEUROSCIENCE
US		127	81	57.2	%	57.2	%	-		313	239	31.1	%	31.1	%	-
Intl		246	298	-17.9	%	-10.0	%	-7.9	%	861	1,026	-16.2	%	-10.2	%	-6.0	%
WW		374	379	-1.9	%	4.3	%	-6.2	%	1,174	1,265	-7.3	%	-2.4	%	-4.9	%
ONCOLOGY
US		1,812	1,525	18.8	%	18.8	%	-		5,073	4,364	16.2	%	16.2	%	-
Intl		2,252	2,140	5.2	%	20.9	%	-15.7	%	6,983	6,406	9.0	%	20.8	%	-11.8	%
WW		4,064	3,665	10.9	%	20.0	%	-9.1	%	12,056	10,770	11.9	%	19.0	%	-7.1	%
DARZALEX
US		1,097	841	30.3	%	30.3	%	-		3,071	2,302	33.4	%	33.4	%	-
Intl		955	739	29.3	%	48.2	%	-18.9	%	2,823	2,076	36.0	%	50.8	%	-14.8	%
WW		2,052	1,580	29.8	%	38.7	%	-8.9	%	5,894	4,378	34.6	%	41.6	%	-7.0	%
ERLEADA
US		254	214	19.1	%	19.1	%	-		693	578	20.0	%	20.0	%	-
Intl		235	130	*		*		*		647	329	*		*		*
WW		490	344	42.2	%	51.2	%	-9.0	%	1,340	907	47.7	%	54.9	%	-7.2	%
IMBRUVICA
US		353	413	-14.6	%	-14.6	%	-		1,072	1,311	-18.3	%	-18.3	%	-
Intl		559	654	-14.6	%	-2.5	%	-12.1	%	1,847	1,996	-7.5	%	1.9	%	-9.4	%
WW		911	1,066	-14.6	%	-7.2	%	-7.4	%	2,918	3,307	-11.8	%	-6.1	%	-5.7	%
ZYTIGA / abiraterone acetate
US		16	25	-33.1	%	-33.1	%	-		54	96	-43.4	%	-43.4	%	-
Intl		440	523	-15.9	%	-1.2	%	-14.7	%	1,446	1,653	-12.5	%	-1.9	%	-10.6	%
WW		456	548	-16.7	%	-2.6	%	-14.1	%	1,500	1,749	-14.2	%	-4.2	%	-10.0	%
OTHER ONCOLOGY
US		92	32	*		*		-		183	76	*		*		-
Intl		64	94	-32.1	%	-22.6	%	-9.5	%	220	352	-37.5	%	-31.2	%	-6.3	%
WW		155	126	23.1	%	30.2	%	-7.1	%	403	428	-5.9	%	-0.8	%	-5.1	%

		REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER										NINE MONTHS
					% Change										% Change
		2022		2021	Reported		Operational ⁽¹⁾		Currency			2022		2021	Reported		Operational ⁽¹⁾		Currency
PULMONARY HYPERTENSION
US			604	610	-1.1	%	-1.1	%	-				1,736	1,778	-2.4	%	-2.4	%	-
Intl			247	258	-3.8	%	12.5	%	-16.3	%			810	821	-1.3	%	10.5	%	-11.8	%
WW			852	868	-1.9	%	3.0	%	-4.9	%			2,547	2,599	-2.0	%	1.7	%	-3.7	%
OPSUMIT
US			289	299	-3.4	%	-3.4	%	-				827	861	-4.0	%	-4.0	%	-
Intl			152	159	-4.7	%	11.6	%	-16.3	%			495	510	-3.0	%	8.7	%	-11.7	%
WW			441	458	-3.9	%	1.8	%	-5.7	%			1,322	1,371	-3.6	%	0.7	%	-4.3	%
UPTRAVI
US			283	265	6.6	%	6.6	%	-				824	792	3.9	%	3.9	%	-
Intl			50	44	14.2	%	29.5	%	-15.3	%			162	135	20.4	%	32.1	%	-11.7	%
WW			333	309	7.7	%	9.9	%	-2.2	%			986	927	6.3	%	8.0	%	-1.7	%
OTHER PULMONARY HYPERTENSION
US			33	47	-29.5	%	-29.5	%	-				86	125	-31.3	%	-31.3	%	-
Intl			46	54	-15.7	%	1.2	%	-16.9	%			154	176	-13.0	%	-1.0	%	-12.0	%
WW			78	101	-22.1	%	-12.9	%	-9.2	%			239	301	-20.5	%	-13.5	%	-7.0	%
CARDIOVASCULAR / METABOLISM / OTHER
US			837	800	4.5	%	4.5	%	-				2,266	2,379	-4.8	%	-4.8	%	-
Intl			198	241	-17.5	%	-8.8	%	-8.7	%			651	727	-10.4	%	-3.8	%	-6.6	%
WW			1,034	1,041	-0.6	%	1.4	%	-2.0	%			2,916	3,106	-6.1	%	-4.5	%	-1.6	%
XARELTO
US			689	636	8.4	%	8.4	%	-				1,806	1,794	0.7	%	0.7	%	-
Intl			-	-	-		-		-				-	-	-		-		-
WW			689	636	8.4	%	8.4	%	-				1,806	1,794	0.7	%	0.7	%	-
INVOKANA / INVOKAMET
US			49	66	-25.8	%	-25.8	%	-				164	249	-34.1	%	-34.1	%	-
Intl			60	67	-11.0	%	-2.5	%	-8.5	%			193	194	-0.6	%	6.1	%	-6.7	%
WW			109	133	-18.4	%	-14.1	%	-4.3	%			357	443	-19.5	%	-16.6	%	-2.9	%
OTHER
US			98	98	-0.1	%	-0.1	%	-				295	336	-12.2	%	-12.2	%	-
Intl			138	173	-20.0	%	-11.3	%	-8.7	%			458	533	-14.0	%	-7.3	%	-6.7	%
WW			236	271	-12.8	%	-7.3	%	-5.5	%			753	869	-13.3	%	-9.2	%	-4.1	%

TOTAL PHARMACEUTICAL
US			7,438	7,221	3.0	%	3.0	%	-				21,229	20,536	3.4	%	3.4	%	-
Intl			5,776	5,661	2.0	%	16.7	%	-14.7	%			18,171	16,927	7.3	%	18.5	%	-11.2	%
WW		$	13,214	12,882	2.6	%	9.0	%	-6.4	%		$	39,400	37,463	5.2	%	10.2	%	-5.0	%

See footnotes at end of schedule

		REPORTED SALES vs. PRIOR PERIOD ($MM)									REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER										NINE MONTHS
					% Change									% Change
MEDTECH SEGMENT ^(2,3,5)		2022		2021	Reported		Operational ⁽¹⁾		Currency		2022		2021	Reported		Operational ⁽¹⁾		Currency

INTERVENTIONAL SOLUTIONS
US		$	547	444	23.2	%	23.2	%	-		$	1,566	1,353	15.7	%	15.7	%	-
Intl			513	513	0.0	%	13.0	%	-13.0	%		1,636	1,599	2.3	%	11.1	%	-8.8	%
WW			1,060	957	10.8	%	17.7	%	-6.9	%		3,202	2,952	8.5	%	13.2	%	-4.7	%
ORTHOPAEDICS
US			1,309	1,249	4.8	%	4.8	%	-			3,936	3,821	3.0	%	3.0	%	-
Intl			785	843	-6.9	%	4.6	%	-11.5	%		2,504	2,611	-4.1	%	4.3	%	-8.4	%
WW			2,095	2,093	0.1	%	4.7	%	-4.6	%		6,440	6,433	0.1	%	3.5	%	-3.4	%
HIPS
US			228	209	9.1	%	9.1	%	-			693	651	6.5	%	6.5	%	-
Intl			124	146	-15.1	%	-4.5	%	-10.6	%		437	451	-3.3	%	4.6	%	-7.9	%
WW			352	355	-0.9	%	3.5	%	-4.4	%		1,129	1,102	2.5	%	5.7	%	-3.2	%
KNEES
US			203	184	9.8	%	9.8	%	-			620	579	6.9	%	6.9	%	-
Intl			115	131	-12.8	%	-2.1	%	-10.7	%		386	403	-4.4	%	3.7	%	-8.1	%
WW			317	316	0.4	%	4.9	%	-4.5	%		1,005	983	2.3	%	5.6	%	-3.3	%
TRAUMA
US			473	455	3.8	%	3.8	%	-			1,412	1,352	4.4	%	4.4	%	-
Intl			244	260	-6.0	%	6.5	%	-12.5	%		749	805	-7.0	%	2.3	%	-9.3	%
WW			717	715	0.2	%	4.8	%	-4.6	%		2,161	2,157	0.2	%	3.6	%	-3.4	%
SPINE, SPORTS & OTHER
US			406	401	1.3	%	1.3	%	-			1,211	1,239	-2.2	%	-2.2	%	-
Intl			303	306	-1.1	%	10.2	%	-11.3	%		933	952	-2.0	%	6.1	%	-8.1	%
WW			708	706	0.3	%	5.2	%	-4.9	%		2,144	2,190	-2.1	%	1.4	%	-3.5	%

		REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER										NINE MONTHS
					% Change										% Change
		2022		2021	Reported		Operational ⁽¹⁾		Currency			2022		2021	Reported		Operational ⁽¹⁾		Currency
SURGERY
US			984	948	3.7	%	3.7	%	-				2,897	2,881	0.5	%	0.5	%	-
Intl			1,439	1,457	-1.2	%	9.3	%	-10.5	%			4,410	4,418	-0.2	%	7.3	%	-7.5	%
WW			2,422	2,405	0.7	%	7.1	%	-6.4	%			7,306	7,299	0.1	%	4.6	%	-4.5	%
ADVANCED
US			457	440	3.8	%	3.8	%	-				1,328	1,304	1.8	%	1.8	%	-
Intl			701	705	-0.4	%	9.8	%	-10.2	%			2,132	2,126	0.3	%	7.2	%	-6.9	%
WW			1,158	1,144	1.2	%	7.5	%	-6.3	%			3,460	3,430	0.9	%	5.2	%	-4.3	%
GENERAL
US			527	508	3.6	%	3.6	%	-				1,569	1,577	-0.5	%	-0.5	%	-
Intl			737	752	-2.0	%	8.8	%	-10.8	%			2,277	2,292	-0.6	%	7.3	%	-7.9	%
WW			1,264	1,261	0.3	%	6.7	%	-6.4	%			3,846	3,869	-0.6	%	4.1	%	-4.7	%
VISION
US			517	475	8.8	%	8.8	%	-				1,534	1,414	8.5	%	8.5	%	-
Intl			689	714	-3.5	%	8.4	%	-11.9	%			2,170	2,103	3.2	%	12.9	%	-9.7	%
WW			1,206	1,189	1.4	%	8.6	%	-7.2	%			3,704	3,517	5.3	%	11.1	%	-5.8	%
CONTACT LENSES / OTHER
US			405	359	12.6	%	12.6	%	-				1,179	1,082	9.0	%	9.0	%	-
Intl			503	522	-3.6	%	9.5	%	-13.1	%			1,533	1,525	0.5	%	11.1	%	-10.6	%
WW			908	882	3.0	%	10.8	%	-7.8	%			2,712	2,607	4.0	%	10.2	%	-6.2	%
SURGICAL
US			112	117	-3.2	%	-3.2	%	-				355	333	6.8	%	6.8	%	-
Intl			186	191	-3.3	%	5.6	%	-8.9	%			637	577	10.3	%	17.6	%	-7.3	%
WW			298	308	-3.2	%	2.3	%	-5.5	%			992	910	9.0	%	13.6	%	-4.6	%

TOTAL MEDTECH
US			3,356	3,117	7.7	%	7.7	%	-				9,932	9,470	4.9	%	4.9	%	-
Intl			3,426	3,527	-2.9	%	8.5	%	-11.4	%			10,719	10,731	-0.1	%	8.2	%	-8.3	%
WW		$	6,782	6,644	2.1	%	8.1	%	-6.0	%		$	20,651	20,201	2.2	%	6.6	%	-4.4	%

Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

* Percentage greater than 100% or not meaningful

(1) Operational growth excludes the effect of translational currency

(2) Unaudited

(3) Certain prior year amounts have been reclassified to conform to current year product disclosures

(4) Reported as U.S. sales

(5) Previously referred to as Medical Devices

Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)

		THIRD QUARTER									NINE MONTHS
					Percent Change									Percent Change
		2022		2021	Total			Operations	Currency		2022		2021	Total			Operations		Currency

	Pharmaceutical
	U.S.	$	7,438	7,221	3.0		%	3.0	-		$	21,229	20,536	3.4		%	3.4		-
	International		5,776	5,661	2.0			16.7	(14.7	)		18,171	16,927	7.3			18.5		(11.2	)
	Worldwide		13,214	12,882	2.6			9.0	(6.4	)		39,400	37,463	5.2			10.2		(5.0	)

	COVID-19 Vaccine
	U.S.		0	270	*			*	-			120	421	(71.5	)		(71.5	)	-
	International		489	233	*			*	*			1,370	346	*			*		*
	Worldwide		489	502	(2.7	)		13.1	(15.8	)		1,490	766	*			*		*

	Pharmaceutical excluding COVID-19 Vaccine
	U.S.		7,438	6,951	7.0			7.0	-			21,109	20,115	4.9			4.9		-
	International		5,287	5,429	(2.6	)		11.3	(13.9	)		16,801	16,582	1.3			11.7		(10.4	)
	Worldwide		12,725	12,380	2.8			8.9	(6.1	)		37,910	36,697	3.3			8.0		(4.7	)

	Worldwide
	U.S.		12,453	11,963	4.1			4.1	-			36,064	34,993	3.1			3.1		-
	International		11,338	11,375	(0.3	)		12.3	(12.6	)		35,173	33,978	3.5			12.9		(9.4	)
	Worldwide		23,791	23,338	1.9			8.1	(6.2	)		71,237	68,971	3.3			7.9		(4.6	)

	COVID-19 Vaccine
	U.S.		0	270	*			*	-			120	421	(71.5	)		(71.5	)	-
	International		489	233	*			*	*			1,370	346	*			*		*
	Worldwide		489	502	(2.7	)		13.1	(15.8	)		1,490	766	*			*		*

	Worldwide
	U.S.		12,453	11,693	6.5			6.5	-			35,944	34,572	4.0			4.0		-
	International		10,849	11,143	(2.6	)		9.5	(12.1	)		33,803	33,633	0.5			9.5		(9.0	)
	Worldwide excluding COVID-19 Vaccine	$	23,302	22,836	2.0		%	8.0	(6.0	)	$	69,747	68,205	2.3		%	6.7		(4.4	)

	Note: Columns and rows within tables may not add due to rounding
	* Percentage greater than 100% or not meaningful

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q3 QTD - Income Before Tax by Segment*
Dollars in Millions

		Consumer Health ¹				Pharmaceutical ¹				MedTech				Unallocated				Consumer Health Separation Costs				Worldwide Total
		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021

Reported Income Before Tax by Segment	$	809		(577	)	4,249		4,200		1,124		423		(111	)	(197	)	(249	)	-		5,822		3,849
*% to Sales*		*21.3*	%	*-15.1*	%	*32.2*	%	*32.6*	%	*16.6*	%	*6.4*	%	*-0.5*	%	*-0.8*	%	*-1.0*	%	*0.0*	%	*24.5*	%	*16.5*	%

Intangible asset amortization expense		83		103		698		799		260		257		-		-		-		-		1,041		1,159

In-process research and development		-				-				-		900		-		-		-		-		-		900

Litigation related		-		1,359		7		756		212		(38	)	-		-		-		-		219		2,077

Loss/(gain) on securities		-		1		177		(135	)	(13	)	7		-		-		-		-		164		(127	)

Restructuring related		31		36		23		17		69		68		-		-		-		-		123		121

Acquisition, integration and divestiture related		-		-		-		3		-		17		-		-		-		-		-		20

Medical Device Regulation		-		-		-		-		78		59		-		-		-		-		78		59

COVID-19 Vaccine related costs		-		-		377		-		-		-		-		-		-		-		377		-

Consumer Health separation costs		-		-		-		-		-		-		-		-		249		-		249		-

Other		-		-		-		-		-		-		-		-		-		-		-		-

Adjusted Income Before Tax by Segment	$	923		922		5,531		5,640		1,730		1,693		(111	)	(197	)	-		-		8,073		8,058
*% to Sales*		*24.3*	%	*24.2*	%	*41.9*	%	*43.8*	%	*25.5*	%	*25.5*	%	*-0.5*	%	*-0.8*	%	*0.0*	%	*0.0*	%	*33.9*	%	*34.5*	%



¹ Prior year income before tax has been reclassified as Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes

*Estimated as of 10/18/2022

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q3 YTD - Income Before Tax by Segment*
Dollars in Millions

		Consumer Health ¹				Pharmaceutical ¹				MedTech				Unallocated				Consumer Health Separation Costs				Worldwide Total
		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021

Reported Income Before Tax by Segment	$	2,279		1,131		12,593		13,663		3,742		3,798		(471	)	(652	)	(619	)	-		17,524		17,940
*% to Sales*		*20.4*	%	*10.0*	%	*32.0*	%	*36.5*	%	*18.1*	%	*18.8*	%	*-0.7*	%	*-0.9*	%	*-0.9*	%	*0.0*	%	*24.6*	%	*26.0*	%

Intangible asset amortization expense		277		314		2,194		2,497		773		765		-		-		-		-		3,244		3,576

In-process research and development		-		-		610		-		-		900		-		-		-		-		610		900

Litigation related		78		1,481		43		675		483		(102	)	-		-		-		-		604		2,054

Loss/(gain) on securities		-		(19	)	673		(249	)	11		(67	)	-		-		-		-		684		(335	)

Restructuring related		70		91		32		54		221		188		-		-		-		-		323		333

Acquisition, integration and divestiture related		-		-		-		(567	)	-		63		-		-		-		-		-		(504	)

Medical Device Regulation		-		-		-		-		208		161		-		-		-		-		208		161

COVID-19 Vaccine related costs		-		-		653		-		-		-		-		-		-		-		653		-

Consumer Health separation costs		-		-		-		-		-		-		-		-		619		-		619		-

Other		-		-		-		-		-		-		(7	)	-		-		-		(7	)	-

Adjusted Income Before Tax by Segment	$	2,704		2,998		16,798		16,073		5,438		5,706		(478	)	(652	)	-		-		24,462		24,125
*% to Sales*		*24.2*	%	*26.5*	%	*42.6*	%	*42.9*	%	*26.3*	%	*28.2*	%	*-0.7*	%	*-0.9*	%	*0.0*	%	*0.0*	%	*34.3*	%	*35.0*	%



¹ Prior year income before tax has been reclassified as Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes

*Estimated as of 10/18/2022

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions

Quarter to Date

	Third Quarter Oct 2, 2022 GAAP		Intangible asset amortization		Litigation related		In-process research and development		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs		Consumer Health separation tax related costs		Tax legislation and other tax related		Other		Third Quarter Oct 2, 2022 Non-GAAP
Cost of products sold	$	7,807	(1,041	)					(13	)					(29	)	(102	)	-		-		-		-		6,622
Selling, marketing and admin expenses		6,089													(7	)			(2	)							6,080
Research and development expense		3,597									-				(42	)	(80	)	-								3,475
Other (Income) / Expense		493	-		(219	)			(28	)	-		(164	)			(195	)	(247	)	-				-		(360	)
In-process research and development		-					-																				-
Restructuring		82							(82	)																	-
Provision for taxes on income		1,364	164		(7	)	-		23		-		43		15		96		45		(361	)	(88	)	-		1,294
Net Earnings		4,458	877		226		-		100		-		121		63		281		204		361		88		-		6,779


	Third Quarter Oct 3, 2021 GAAP		Intangible asset amortization		Litigation related		In-process research and development		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs		Consumer Health separation tax related costs		Tax legislation and other tax related		Other		Second Quarter Oct 3, 2021 Non-GAAP
Cost of products sold	$	7,250	(1,133	)					(18	)					(22	)											6,077
Selling, marketing and admin expenses		6,000													(6	)											5,994
Research and development expense		3,422									-				(31	)											3,391
Other (Income) / Expense		1,850	(26	)	(2,077	)			(43	)	(20	)	127				-		-		-				-		(189	)
In-process research and development		900					(900	)																			-
Restructuring		60							(60	)																	-
Provision for taxes on income		182	165		433		202		22		(6	)	22		11		-		-		-		59		-		1,090
Net Earnings		3,667	994		1,644		698		99		26		(149	)	48		-		-		-		(59	)	-		6,968

Year to Date

	Nine Months Oct 2, 2022 GAAP		Intangible asset amortization		Litigation related		In-process research and development		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs		Consumer Health separation tax related costs		Tax legislation and other tax related		Other		Nine Months Oct 2, 2022 Non-GAAP
Cost of products sold	$	23,324	(3,232	)					(46	)					(76	)	(296	)									19,674
Selling, marketing and admin expenses		18,253													(19	)			(2	)							18,232
Research and development expense		10,762									-				(113	)	(190	)									10,459
Other (Income) / Expense		664	(12	)	(604	)			(40	)	-		(684	)			(167	)	(617	)	-				7		(1,453	)
In-process research and development		610					(610	)																			-
Restructuring		237							(237	)																	-
Provision for taxes on income		3,103	502		(89	)	138		60		-		164		39		161		112		(459	)	(87	)	(2	)	3,642
Net Earnings		14,421	2,742		693		472		263		-		520		169		492		507		459		87		(5	)	20,820


	Nine Months Oct 3, 2021 GAAP		Intangible asset amortization		Litigation related		In-process research and development		Restructuring related		Acquisition, integration and divestiture related (1)		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs		Consumer Health separation tax related costs		Tax legislation and other tax related		Other		Nine Months Oct 3, 202 Non-GAAP
Cost of products sold	$	21,900	(3,550	)					(65	)					(59	)											18,226
Selling, marketing and admin expenses		17,505													(17	)											17,488
Research and development expense		9,994									-				(85	)											9,909
Other (Income) / Expense		480	(26	)	(2,054	)			(99	)	504		335				-		-		-				-		(860	)
In-process research and development		900					(900	)																			-
Restructuring		169							(169	)																	-
Provision for taxes on income		1,798	505		432		202		59		(104	)	(27	)	30		-		-		-		713		-		3,608
Net Earnings		16,142	3,071		1,622		698		274		(400	)	(308	)	131		-		-		-		(713	)	-		20,517


(1) 2021 primarily includes gains on the divestitures of two Pharmaceutical brands outside of the United States.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221018005309/en/

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(732) 524-1090

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New survey: 1 in 3 women have not talked to their doctor about heart health, the #1 killer of women

Star Jones , award winning television personality & women's heart health advocate, helps kick off heart health conversations this Mother's Day with the Medtronic 'Letter to My Mother' campaign

A new Medtronic-sponsored survey of women ages 30-50 reveals a significant gap in awareness and discussion around heart health among women and their mother-figures. Despite cardiovascular disease being the #1 killer of women in the U.S. many women are still unaware of the risk and the importance of heart health.

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Medtronic plc
WORLDWIDE REVENUE ⁽¹⁾
(Unaudited)

	FOURTH QUARTER							FISCAL YEAR
	REPORTED				ORGANIC			REPORTED				ORGANIC
(in millions)	FY25	FY24	Growth	Currency Impact ⁽³⁾	FY25 ⁽⁴⁾	FY24 ⁽⁴⁾	Growth	FY25	FY24	Growth	Currency Impact ⁽³⁾	FY25 ⁽⁵⁾	FY24 ⁽⁵⁾	Growth
Cardiovascular	$ 3,336	$ 3,130	6.6 %	$ (37)	$ 3,373	$ 3,130	7.8 %	$ 12,481	$ 11,831	5.5 %	$ (99)	$ 12,580	$ 11,831	6.3 %
Cardiac Rhythm & Heart Failure	1,733	1,587	9.2	(18)	1,751	1,587	10.3	6,392	5,995	6.6	(43)	6,435	5,995	7.3
Structural Heart & Aortic	944	883	7.0	(11)	955	883	8.3	3,554	3,358	5.8	(32)	3,587	3,358	6.8
Coronary & Peripheral Vascular	659	660	(0.1)	(8)	667	660	1.0	2,535	2,478	2.3	(23)	2,558	2,478	3.2
Neuroscience	2,620	2,545	2.9	(18)	2,638	2,545	3.7	9,846	9,406	4.7	(47)	9,893	9,406	5.2
Cranial & Spinal Technologies	1,342	1,291	3.9	(7)	1,348	1,291	4.4	4,973	4,756	4.6	(21)	4,995	4,756	5.0
Specialty Therapies	759	778	(2.5)	(7)	766	778	(1.6)	2,940	2,905	1.2	(17)	2,957	2,905	1.8
Neuromodulation	520	475	9.3	(4)	524	475	10.2	1,932	1,746	10.7	(9)	1,941	1,746	11.2
Medical Surgical	2,212	2,198	0.6	(30)	2,241	2,198	2.0	8,407	8,417	(0.1)	(80)	8,487	8,417	0.8
Surgical & Endoscopy	1,709	1,705	0.2	(25)	1,734	1,705	1.7	6,498	6,508	(0.2)	(65)	6,563	6,508	0.8
Acute Care & Monitoring	503	492	2.1	(5)	508	492	3.1	1,909	1,908	—	(15)	1,924	1,908	0.8
Diabetes	728	660	10.4	(11)	739	660	12.0	2,755	2,488	10.7	(18)	2,774	2,488	11.5
Total Reportable Segments	8,896	8,532	4.3	(95)	8,991	8,532	5.4	33,489	32,142	4.2	(244)	33,733	32,142	4.9
Other ⁽²⁾	31	57	(45.7)	(1)	—	—	—	48	221	(78.5)	(3)	—	—	—
TOTAL	$ 8,927	$ 8,589	3.9 %	$ (96)	$ 8,991	$ 8,532	5.4 %	$ 33,537	$ 32,364	3.6 %	$ (247)	$ 33,733	$ 32,142	4.9 %

Medtronic plc
U.S. REVENUE ⁽¹⁾⁽²⁾
(Unaudited)

	FOURTH QUARTER						FISCAL YEAR
	REPORTED			ORGANIC			REPORTED			ORGANIC
(in millions)	FY25	FY24	Growth	FY25	FY24	Growth	FY25	FY24	Growth	FY25	FY24	Growth
Cardiovascular	$ 1,563	$ 1,448	8.0 %	$ 1,563	$ 1,448	8.0 %	$ 5,804	$ 5,597	3.7 %	$ 5,804	$ 5,597	3.7 %
Cardiac Rhythm & Heart Failure	875	791	10.7	875	791	10.7	3,184	3,037	4.8	3,184	3,037	4.8
Structural Heart & Aortic	404	366	10.2	404	366	10.2	1,532	1,453	5.5	1,532	1,453	5.5
Coronary & Peripheral Vascular	284	291	(2.3)	284	291	(2.3)	1,088	1,107	(1.7)	1,088	1,107	(1.7)
Neuroscience	1,782	1,692	5.3	1,782	1,692	5.3	6,713	6,305	6.5	6,713	6,305	6.5
Cranial & Spinal Technologies	999	936	6.7	999	936	6.7	3,723	3,495	6.5	3,723	3,495	6.5
Specialty Therapies	431	439	(1.8)	431	439	(1.8)	1,666	1,641	1.5	1,666	1,641	1.5
Neuromodulation	352	317	11.1	352	317	11.1	1,324	1,169	13.3	1,324	1,169	13.3
Medical Surgical	946	954	(0.9)	946	954	(0.9)	3,664	3,717	(1.4)	3,664	3,717	(1.4)
Surgical & Endoscopy	668	679	(1.7)	668	679	(1.7)	2,595	2,650	(2.1)	2,595	2,650	(2.1)
Acute Care & Monitoring	278	275	1.1	278	275	1.1	1,068	1,067	0.2	1,068	1,067	0.2
Diabetes	240	223	7.2	240	223	7.2	923	852	8.3	923	852	8.3
Total Reportable Segments	4,530	4,317	4.9	4,530	4,317	4.9	17,104	16,471	3.8	17,104	16,471	3.8
Other ⁽³⁾	17	26	(35.1)	—	—	—	68	91	(25.2)	—	—	—
TOTAL	$ 4,547	$ 4,343	4.7 %	$ 4,530	$ 4,317	4.9 %	$ 17,171	$ 16,562	3.7 %	$ 17,104	$ 16,471	3.8 %

Medtronic plc
INTERNATIONAL REVENUE ⁽¹⁾
(Unaudited)

	FOURTH QUARTER							FISCAL YEAR
	REPORTED				ORGANIC			REPORTED				ORGANIC
(in millions)	FY25	FY24	Growth	Currency Impact ⁽³⁾	FY25 ⁽⁴⁾	FY24 ⁽⁴⁾	Growth	FY25	FY24	Growth	Currency Impact ⁽³⁾	FY25 ⁽⁵⁾	FY24 ⁽⁵⁾	Growth
Cardiovascular	$ 1,773	$ 1,682	5.4 %	$ (37)	$ 1,810	$ 1,682	7.6 %	$ 6,677	$ 6,234	7.1 %	$ (99)	$ 6,775	$ 6,234	8.7 %
Cardiac Rhythm & Heart Failure	858	797	7.7	(18)	876	797	9.9	3,208	2,958	8.4	(43)	3,251	2,958	9.9
Structural Heart & Aortic	541	516	4.7	(11)	552	516	6.9	2,022	1,905	6.1	(32)	2,054	1,905	7.8
Coronary & Peripheral Vascular	375	369	1.6	(8)	382	369	3.7	1,447	1,371	5.5	(23)	1,470	1,371	7.2
Neuroscience	838	853	(1.8)	(18)	856	853	0.3	3,133	3,101	1.0	(47)	3,180	3,101	2.6
Cranial & Spinal Technologies	343	356	(3.5)	(7)	350	356	(1.6)	1,250	1,260	(0.8)	(21)	1,272	1,260	0.9
Specialty Therapies	328	339	(3.5)	(7)	335	339	(1.4)	1,274	1,264	0.9	(17)	1,291	1,264	2.2
Neuromodulation	167	158	5.6	(4)	171	158	8.2	608	577	5.4	(9)	617	577	7.0
Medical Surgical	1,266	1,244	1.8	(30)	1,295	1,244	4.2	4,744	4,700	0.9	(80)	4,823	4,700	2.6
Surgical & Endoscopy	1,041	1,026	1.4	(25)	1,066	1,026	3.9	3,903	3,858	1.2	(65)	3,967	3,858	2.8
Acute Care & Monitoring	225	217	3.3	(5)	230	217	5.5	841	842	(0.1)	(15)	856	842	1.7
Diabetes	489	436	12.1	(11)	499	436	14.5	1,832	1,636	12.0	(18)	1,851	1,636	13.1
Total Reportable Segments	4,365	4,215	3.6	(95)	4,461	4,215	5.8	16,386	15,671	4.6	(244)	16,630	15,671	6.1
Other ⁽²⁾	14	31	(54.3)	(1)	—	—	—	(20)	131	(115.4)	(3)	—	—	—
TOTAL	$ 4,380	$ 4,246	3.1 %	$ (96)	$ 4,461	$ 4,215	5.8 %	$ 16,365	$ 15,802	3.6 %	$ (247)	$ 16,630	$ 15,671	6.1 %

Medtronic plc
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three months ended		Fiscal year ended
(in millions, except per share data)	April 25, 2025	April 26, 2024	April 25, 2025	April 26, 2024
Net sales	$ 8,927	$ 8,589	$ 33,537	$ 32,364
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets	3,147	3,044	11,632	11,216
Research and development expense	684	675	2,732	2,735
Selling, general, and administrative expense	2,721	2,765	10,849	10,736
Amortization of intangible assets	564	419	1,807	1,693
Restructuring charges, net	147	112	267	226
Certain litigation charges, net	214	44	317	149
Other operating expense (income), net	15	477	(23)	464
Operating profit	1,436	1,053	5,955	5,144
Other non-operating expense (income), net	1	(4)	(402)	(412)
Interest expense, net	174	202	729	719
Income before income taxes	1,261	856	5,628	4,837
Income tax provision	199	196	936	1,133
Net income	1,061	659	4,691	3,705
Net income attributable to noncontrolling interests	(5)	(5)	(29)	(28)
Net income attributable to Medtronic	$ 1,057	$ 654	$ 4,662	$ 3,676
Basic earnings per share	$ 0.82	$ 0.49	$ 3.63	$ 2.77
Diluted earnings per share	$ 0.82	$ 0.49	$ 3.61	$ 2.76
Basic weighted average shares outstanding	1,282.3	1,322.3	1,285.6	1,327.7
Diluted weighted average shares outstanding	1,287.7	1,325.4	1,289.9	1,330.2

Medtronic plc
GAAP TO NON-GAAP RECONCILIATIONS ⁽¹⁾
(Unaudited)

	Three months ended April 25, 2025
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 8,927	$ 3,147	64.7 %	$ 1,436	16.1 %	$ 1,261	$ 1,057	$ 0.82	15.8 %
Non-GAAP Adjustments:
Amortization of intangible assets ⁽²⁾	—	—	—	564	6.3	564	455	0.35	19.3
Restructuring and associated costs ⁽³⁾	—	(2)	—	149	1.7	149	114	0.09	23.5
Acquisition and divestiture-related items ⁽⁴⁾	—	(21)	0.2	109	1.2	109	97	0.08	11.0
Certain litigation charges, net	—	—	—	214	2.4	214	163	0.13	23.4
(Gain)/loss on minority investments ⁽⁵⁾	—	—	—	—	—	172	170	0.13	0.6
Medical device regulations ⁽⁶⁾	—	(10)	0.1	14	0.2	14	12	0.01	21.4
Certain tax adjustments, net	—	—	—	—	—	—	13	0.01	—
Non-GAAP	$ 8,927	$ 3,113	65.1 %	$ 2,486	27.8 %	$ 2,483	$ 2,080	$ 1.62	16.0 %
Currency impact	96	(25)	0.7	123	1.1			0.07
Currency Adjusted	$ 9,023	$ 3,088	65.8 %	$ 2,609	28.9 %			$ 1.69

	Three months ended April 26, 2024
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 8,589	$ 3,044	64.6 %	$ 1,053	12.3 %	$ 856	$ 654	$ 0.49	22.9 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	419	4.9	419	357	0.27	15.0
Restructuring and associated costs ⁽³⁾	—	(13)	0.2	152	1.8	152	125	0.09	17.8
Acquisition and divestiture-related items ⁽⁷⁾	—	(76)	0.9	611	7.1	611	515	0.39	15.9
Certain litigation charges, net	—	—	—	44	0.5	44	37	0.03	15.9
(Gain)/loss on minority investments ⁽⁵⁾	—	—	—	—	—	195	197	0.15	(1.0)
Medical device regulations ⁽⁶⁾	—	(21)	0.2	31	0.4	31	27	0.02	12.9
Certain tax adjustments, net	—	—	—	—	—	—	17	0.01	—
Non-GAAP	$ 8,589	$ 2,934	65.8 %	$ 2,311	26.9 %	$ 2,309	$ 1,929	$ 1.46	16.2 %


(1)	The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(2)	Includes operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting fiscal year 2025 figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.
(3)	The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.
(4)	The three months ended April 25, 2025 excludes $64 million of revenue adjustments related to $31 million of inorganic revenue for the transition activity noted in (2) and $95 million of unfavorable currency impact on the remaining segments. The three months ended April 26, 2024 excludes $57 million of inorganic revenue related to the transition activity noted in (2).
(5)	The twelve months ended April 25, 2025 excludes $196 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $137 million of inorganic revenue related to the transition activity noted in (2), and $244 million of unfavorable currency impact on the remaining segments. The twelve months ended April 26, 2024 excludes $221 million of inorganic revenue related to the transition activity noted in (2).


(1)	U.S. includes the United States and U.S. territories.
(2)	The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(3)	Includes operations and ongoing transition agreements from businesses the Company has exited or divested.


See description of non-GAAP financial measures contained in the press release dated May 21, 2025.
(1)	The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.
(2)	The Company recognized $151 million of accelerated amortization on certain intangible assets related to product line exits within the Cardiovascular Segment.
(3)	Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and for the three months ended April 25, 2025, contract terminations.
(4)	The charges primarily include changes in fair value of contingent consideration and exit of business-related charges.
(5)	We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
(6)	The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific period.
(7)	The charges predominantly include $439 million of charges related to the February 2024 decision to exit the Company's ventilator product line, which primarily includes long-lived intangible asset impairments and inventory write-downs. In addition, other charges primarily consist of changes in fair value of contingent consideration.


See description of non-GAAP financial measures contained in the press release dated May 21, 2025.
(1)	The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.
(2)	The charges primarily include exit of business-related charges and changes in fair value of contingent consideration. The fiscal year ended April 25, 2025 includes business combination costs and gains related to certain business or asset sales.
(3)	The charges represent estimated incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.
(4)	We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
(5)	Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and contract terminations.
(6)	Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.


See description of non-GAAP financial measures contained in the press release dated May 21, 2025.
(1)	The data in this schedule has been intentionally rounded to the nearest million, and therefore, may not sum.
(2)	Free cash flow represents operating cash flows less property, plant, and equipment additions.

Medtronic plc
CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in millions)	April 25, 2025	April 26, 2024
ASSETS
Current assets:
Cash and cash equivalents	$ 2,218	$ 1,284
Investments	6,747	6,721
Accounts receivable, less allowances and credit losses of $199 and $173, respectively	6,515	6,128
Inventories	5,476	5,217
Other current assets	2,858	2,584
Total current assets	23,814	21,935
Property, plant, and equipment, net	6,837	6,131
Goodwill	41,737	40,986
Other intangible assets, net	11,667	13,225
Tax assets	4,040	3,657
Other assets	3,584	4,047
Total assets	$ 91,680	$ 89,981
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$ 2,874	$ 1,092
Accounts payable	2,449	2,410
Accrued compensation	2,514	2,375
Accrued income taxes	1,358	1,330
Other accrued expenses	3,683	3,582
Total current liabilities	12,879	10,789
Long-term debt	25,642	23,932
Accrued compensation and retirement benefits	1,158	1,101
Accrued income taxes	1,574	1,859
Deferred tax liabilities	403	515
Other liabilities	1,769	1,365
Total liabilities	43,424	39,561
Commitments and contingencies
Shareholders' equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,281,934,628 and 1,311,337,531 shares issued and outstanding, respectively	—	—
Additional paid-in capital	20,833	23,129
Retained earnings	31,476	30,403
Accumulated other comprehensive loss	(4,284)	(3,318)
Total shareholders' equity	48,024	50,214
Noncontrolling interests	232	206
Total equity	48,256	50,420
Total liabilities and equity	$ 91,680	$ 89,981

Medtronic plc
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Fiscal Year
(in millions)	2025	2024	2023
Operating Activities:
Net income	$ 4,691	$ 3,705	$ 3,784
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,861	2,647	2,697
Provision for credit losses	123	90	73
Deferred income taxes	(316)	(508)	(226)
Stock-based compensation	429	393	355
Loss on debt extinguishment	—	—	53
Asset impairments and related inventory write-downs	—	371	—
Other, net	310	573	270
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(433)	(391)	(576)
Inventories	(292)	(139)	(939)
Accounts payable and accrued liabilities	209	391	696
Other operating assets and liabilities	(538)	(345)	(148)
Net cash provided by operating activities	7,044	6,787	6,039
Investing Activities:
Acquisitions, net of cash acquired	(98)	(211)	(1,867)
Additions to property, plant, and equipment	(1,859)	(1,587)	(1,459)
Purchases of investments	(8,226)	(7,748)	(7,514)
Sales and maturities of investments	8,495	7,441	7,343
Other investing activities, net	(249)	(261)	4
Net cash used in investing activities	(1,937)	(2,366)	(3,493)
Financing Activities:
Change in current debt obligations, net	(1,070)	1,073	—
Proceeds from short-term borrowings (maturities greater than 90 days)	—	—	2,284
Repayments from short-term borrowings (maturities greater than 90 days)	—	—	(2,279)
Issuance of long-term debt	3,209	—	5,409
Payments on long-term debt	—	—	(6,012)
Dividends to shareholders	(3,589)	(3,666)	(3,616)
Issuance of ordinary shares	508	284	308
Repurchase of ordinary shares	(3,235)	(2,138)	(645)
Other financing activities	(184)	(3)	(409)
Net cash used in financing activities	(4,361)	(4,450)	(4,960)
Effect of exchange rate changes on cash and cash equivalents	188	(230)	243
Net change in cash and cash equivalents	934	(259)	(2,171)
Cash and cash equivalents at beginning of period	1,284	1,543	3,714
Cash and cash equivalents at end of period	$ 2,218	$ 1,284	$ 1,543
Supplemental Cash Flow Information
Cash paid for:
Income taxes	$ 1,819	$ 1,622	$ 1,548
Interest	762	826	606

ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (Unaudited)

	March 31,			December 31,
	2025			2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	18,348		$	22,261
Marketable securities		31,536			44,551
Accounts receivable, net		89			92
Inventory		135			173
Prepaid expenses and other current assets		1,795			2,094
Total current assets		51,903			69,171
Property and equipment, net		1,413			1,384
Right-of-use assets		1,956			2,103
Strategic investments, less current portion		2,495			2,495
Deposits and other assets		1,284			1,020
TOTAL ASSETS	$	59,051		$	76,173

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	5,563		$	5,134
Accrued expenses and other liabilities		5,392			6,084
Operating lease liability, current portion		590			550
Deferred revenue, current portion		3,944			4,439
Total current liabilities		15,489			16,207
Deferred revenue, less current portion		10,752			10,989
Loan payable		14,338			14,292
Operating lease liability, less current portion		1,516			1,687
Other long-term liabilities		99			40
TOTAL LIABILITIES		42,194			43,215

STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized; none issued or outstanding at March 31, 2025 and December 31, 2024.		—			—
Common stock, $0.0001 par value per share; 340,000,000 shares authorized; 38,312,512 and 38,194,442 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.		4			4
Additional paid-in capital		345,449			342,780
Accumulated other comprehensive income		37			52
Accumulated deficit		(328,633	)		(309,878	)
TOTAL STOCKHOLDERS' EQUITY		16,857			32,958
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	59,051		$	76,173

ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (Unaudited)
	Three Months Ended March 31,
	2025			2024
Revenue:
Partnership revenue	$	732		$	497
Product revenue		136			123
Total revenue		868			620
Expenses:
Cost of product revenues		44			34
Research and development		13,482			9,112
Selling, general and administrative		6,263			5,897
Total expenses		19,789			15,043
Loss from operations		(18,921	)		(14,423	)
Other income (expense):
Interest income, net		166			1,016
Loss on fair value of strategic investments		—			(45	)
Other expense		—			(11	)
Total other income		166			960
Net loss	$	(18,755	)	$	(13,463	)
Net loss per share
Basic and diluted	$	(0.49	)	$	(0.38	)
Weighted-average shares used in computing net loss per share, basic and diluted		38,235,409			35,777,877
Comprehensive loss
Net loss	$	(18,755	)	$	(13,463	)
Unrealized (loss) gain on marketable securities		(15	)		2
Comprehensive loss	$	(18,770	)	$	(13,461	)

Johnson & Johnson Reports Q3 2022 Results

Hotbed of healthcare innovation

A different way of thinking

Quality, craftsmanship and collaboration

Education, social support and innovation

Guided by compliance

4 major innovations currently redefining European healthcare

BiomeDX

Vision Surgery AI

Time is Brain

LUMA Vision

A tale of two markets

Finding the right healthcare investment

Investor takeaway

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